If you are in the market for a home loan or an investment mortgage it is worth talking to a mortgage broker. By utilising the services of a mortgage broker you are much more likely to access the best mortgage deals in the market at any given time. Most mortgage brokers are accredited with a wide range of lenders and are updated on a daily basis as to what products are on offer. Utilising the mortgage broker doesn’t just save you time it will save you money and ensure that you will be in the picture on the best mortgage deals available.
Surveys show that borrowers who use the services of a good mortgage broker are much more likely to get the best mortgage deals going. Many borrowers only approach their own bank for a loan when they are looking to purchase property but more often than not these lenders promote those loans that will provide the bigger profit to the bank as opposed to giving you a choice from a range of their best mortgage deals – giving you cost savings rather than higher margins to the bank.
A mortgage broker will also know which lenders have special offers on, and this in itself will help you identify the best mortgage deals going and from those decide upon the best mortgage deal for you! Quite often individual lenders will promote a particular loan and if they are after increased market share then they will often waive establishment fees or offer a discount in the first year of the loan. In researching the best mortgage deals these cost savings can have a significant impact on cash flow especially in the first year of the loan when many buyers (particularly first home buyers) are budgeting carefully. Just make sure that the best mortgage deals you choose from are not just the best mortgage deals in the short term but also suit your long term requirements.
Often a standard variable rate mortgage may suit – you don’t need too many bells and whistles but just make sure when selecting from what you or your broker has determined as the best mortgage deals that do give you flexibility in the long term.
These days though it is fair to say that most lenders are happy to accommodate you if you wish to vary your mortgage in some way. There will be a cost generally if you want to add a line of credit or fix your loan or perhaps include an offset account – but at elast you are able to change the terms to ensure that the best mortgage deal for you stays that way over the life of a loan.
Exit costs have reduced over the past few years. This means that even if your lender is not accommodating and at some stage you feel that your loan is no longer the best of the mortgage deals out there, well, you can still refinance at relatively low costs.
At any given time there are many good mortgage deals in the market – to hone in on the best mortgage deals is the key, and using a mortgage broker will definitely help in this exercise.